London-based fintech company Finastra has on-boarded three more banks on its blockchain-based platform, Fusion LenderComm.

Based on R3’s Corda Enterprise, Fusion LenderComm aims to transform and streamline the global syndicated loans market. It integrates directly into the overall technology stack at the banks and enables them to share relevant sensitive information directly from agent bank loan servicing platforms, such as Finastra’s Fusion Loan IQ, with lenders.

In its press release, Finastra said that it has signed BNP Paribas, Natixis and Societe Generale on the platform as part of a coordinated campaign. NatWest was the first bank to integrate with the platform.

“All of these banks were part of our Fusion LenderComm pilot and the momentum that the platform has seen since then is nothing short of extraordinary,” Grant Jones, VP, Fusion LenderComm, Finastra said.

“This is an historic step that brings leading global banks together on the platform in the live Fusion LenderComm environment, for seamless and secure information exchange. But more than that, this is an important inflection point, paving the way for the whole industry to come on board, achieving even further critical mass.”

Philippe Boulas, Global Head of Corporate Banking Operations at BNP Paribas, said that the bank has been supporting the project since the beginning as it prompts major industry players to work together and improve the service offered to borrower-clients in terms of “quality, reducing delay and costs.”

“With the creation of this community and a collaborative mindset we have a unique opportunity to tackle the operational pain points we have all been experiencing for years and that constrain syndicated loan market expansion,” he added.

Fusion LenderComm’s first phase focused on real-time position reporting between lenders, allowing all relevant parties to see their records at any time.

“R3 is proud to facilitate the use of blockchain technology to provide lenders with access to many aspects of their positions in real-time. This brings a significant increase in transparency and convenience during the entire portfolio lifecycle,” David E. Rutter, CEO of R3, said.